Ethereum Price Shows Good Growth Hitting Highest Level Since September - Is it Bullish on Upgrades?


Ethereum Price Shows Good Growth Hitting Highest Level Since September - Is it Bullish on Upgrades?
Contents

Ethereum has been under a lot of pressure in the last few months with its performance as a smart contract blockchain coming under scrutiny as well as the pressure of other rivals coming onto them.

However, there are upgrades in the works and that might be helping its price rise.

Ethereum has broken above the top line of the recent consolidation channel at $274 and jumped to $288 in a matter of hours hitting the highest level since Sep. 2018.

It is good growth for Ethereum, but is it down to investors preparing for the big upgrades that are to come?

Ethereum is looking at changing its entire consensus algorithm from proof-of-work to proof-of-stake in a bif to improve its performance and make it a more viable and useful blockchain.

If Ethereum does pull off a good transition, there is no doubt the price will rise - so is this the preparation from the market.

Going green

Generally, the market is showing good gains for the top 20 coins with Ethereum up just over 6 percent. The second biggest coin by market cap certainly benefited from the big spike in Bitcoin price earlier this week, but is showing its own sustainable growth.

This growth has seen it break a few key resistance markers, and made it reach a nine-month high, as the sentiment in the market has played its part, but there also seems to be a change in how people are perceiving Ethereum.

Waiting for the upgrades

There has been a lot of work put into getting Ethereum ready for its change in algorithm with the Casper Upgrade being key. However, the next move has been labeled Istanbul and is due in a few months time.

With the process showing positive strides to making Ethereum a better coin, it may well be that investors are trying to preempt the spike and get some Ethereum on the cheap.

The rise this week may well be Bitcoin-related, but the continued growth will probably be early investors.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?
Contents

While the cryptocurrency markets have been down of late, there has been very little to be excited about from a Ripple point of view. The company’s XRP token has failed to kick on during the cryptocurrency spring, and maybe it is down to losing its niche.

There is a bigger and bigger drive for coins that accomplish what XRP does, and despite being one of the first, there is major competition emerging from big companies like JPMorgan, as well as now Facebook.

Max Keiser, a well-known cryptocurrency commentator, has said he believes Facebook’s hugely hyped GlobalCoin will do away with the need for hundreds of altcoins, including XRP. It remains to be seen if GlobalCoin will hit the same niche, but it does feel like it has a chance.

A cryptocurrency killer

There are hundreds of cryptocurrencies currently on the market, and not many would argue against the fact that many are not needed and a bit of a waste of space. There are niches which have a lot of competition, like the smart contract blockchains of Ethereum, Cardano, NEO, etc.

Ripple’s XRP solution to cross-border banking payments is a well known cryptocurrency, but is still just a startup and a minnow in the eyes of JPMorgan and Facebook.

Keiser is a big believer in Bitcoin, but not as fond of the massive altcoin market behind it.

Should XRP be worried?

Keiser has a point about the power of a coin backed a company of the magnitude of Facebook, but he may be stretching things a little with GlobalCoin’s reach.

XRP’s niche is, and always has been, towards banks and making partnerships there. On the other hand, GlobalCoin will be a broad token, but one targeted at individuals rather than businesses.

Questions continue to be asked about the interoperability of blockchains, and perhaps that is where this arms race will be headed. XRP can be a banking solution, and GlobalCoin one for the people, but there should be a drive to be able to get them to work seamlessly together.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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